In Morrowind, if you were stranded out in the wilderness, you had to fight for yourself and try to get back to town. Sure, that might get annoying, but it adds a sense of survival to the game. Even then there was still fast travel with the Stilt (sp?) striders and boats. Regardless of the fact you had to cough up gold to use them.

Then Oblivion came out, it's a good game, great even, but because of how much you can use fast travel (not saying I don't use it, that'd be the BIGGEST LIE EVARRRRR!) it just makes the game feel to 'convenient'.

So yeah... maybe if they did what Morrowind did and have the possibility to fast travel from a location (Or... I guess, what they did in OoT with travelling with the Ocarina after a certain milestone in the game) at a cost.

If you don't like it, don't use it. Morrowind was a fun game, but I'm glad they put fast travelling in for Oblivion. It's there if you want it. There are times during Morrowind when travelling just feels rather pointless and mundane, especially when you just want to get somewhere.